Disinflation signals and market rotation

Significant sell-off in semiconductors, rising bond yields driven by inflation fears and stalled Iran talks. Positive stock-bond correlation, memory stock rout raise questions about AI capex sustainability. 'Bills Are The Pills' analysis suggests real easing via Treasury bill issuance. Global stocks set for biggest weekly fall since mid-July; Nvidia report next week key catalyst. July PPI flat, core sticky at 4.7%. Fed gets breathing room for September hold. Consumer sentiment plunges to 51.0. Real wages still falling. Warsh's Jackson Hole speech adds hawkish tone; bond market confidence eroding.